LIBRA Entrepreneur Claims Project Was Memecoin Amid $280M Legal Dispute

Cryptocurrency entrepreneur Hayden Davis has dramatically shifted his legal defense regarding the LIBRA project, now characterizing it as a memecoin rather than a serious investment vehicle. The about-face comes as $280 million remains frozen in ongoing litigation.

Davis told a U.S. district court that LIBRA was created purely for entertainment, contradicting previous representations. The assertion directly challenges claims by private investor Omar Hurlock, whose legal team continues pushing for investigation into Davis and associate Benjamin Chow.

Federal Judge Jennifer L. Rochon of New York's Southern District recently denied a motion for expanded discovery in the case. The decision maintains focus on whether LIBRA's memecoin designation constitutes legitimate defense or post-hoc justification.